Albany International to Consolidate Manufacturing in Switzerland

By Bobby Samwell • Friday, November 15 10:28 • Permanent Link

Albany International Corp. (NYSE: AIN) announced plans to consolidate manufacturing capacity, with its affiliate, Heimbach Switzerland AG, proposing to discontinue manufacturing operations in Olten, Switzerland. This move aims to align its paper machine clothing manufacturing capacity with local market demand and customer needs. The proposal would affect 83 employees, who will be offered separation and outplacement assistance. The company is unable to estimate the costs at this time.

Albany International Corp. is a leading developer and manufacturer of engineered components, with two core businesses: Machine Clothing and Albany Engineered Composites. It operates 30 facilities in 13 countries and employs approximately 5,600 people worldwide. The company is listed on the New York Stock Exchange.

Today the company's shares have moved 0.0% to a price of $80.53. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.